S.C. Recognized for Pro-Business Climate
October 04, 2007
For the third consecutive year, the state of South Carolina has been named among “America’s Top Ten Pro-Business States” in “Keeping Jobs In America: Pollina Corporate Top 10 Pro-Business States in 2007,” an independent study published by Pollina Corporate Real Estate, Inc., a leading U.S. corporate site relocation expert. The study, which evaluates the job creation and retention efforts of state and federal governments, was unveiled yesterday at the International Economic Development Council (IEDC) Federal Forum in Arlington, Va.
“As we work to compete in a global economy, our ability to maintain and improve economic soil conditions for business growth is critical. This recognition is further evidence that our efforts are paying dividends in terms of job creation and retention. Our administration remains committed to continuing these efforts to keep growing existing business and creating new opportunities for our state through changes like continuing to lower taxes, workers’ compensation reform, and bettering healthcare access for small businesses,” said Gov. Mark Sanford.
In the annual Pollina study, South Carolina was honored for its progressive pro-business policies that result in job growth. South Carolina ranked closely behind Virginia. Florida, North Carolina, and Utah followed respectively.
“From A to Z, South Carolina understands economic development and is clearly making the effort to continue its attractiveness to business. The state has one of the nation’s best incentive programs and has a highly-trained and professional economic development department. When it comes to economic development, it’s a state that other states should emulate,” said Dr. Pollina.
“Workforce training continues to be a top priority in the state,” Dr. Pollina told the IEDC Federal Economic Development Conference. “Its Center for Accelerated Technology Training (CATT) Program has long been regarded as one of the leading job training programs in the country. It supplements its job training efforts with a job development credit program that provides cash back to companies that manufacture goods within the state. The State’s Enterprise Program offers a robust quarterly cash rebate to companies based on payroll taxes within the state. This performance-based program is a strong financial inducement to doing business in South Carolina. These and other programs make South Carolina a very competitive location alternative for expanding industry.”
Gov. Sanford has tirelessly championed a number of initiatives that have been enacted to improve the state’s business climate, including lowering income taxes, reducing government spending, and passing comprehensive tort reform and regulatory relief for small businesses. Current efforts of the administration include reforming workers’ compensation laws, and making the state more competitive in the ever-changing global marketplace. As a result, there are more people working today than ever before.
The South Carolina Department of Commerce produced a record-setting year for capital investment and job creation in 2006. The Department of Commerce generated $2.99 billion in capital investment and 14,420 new jobs. Those numbers do not include Duke Energy’s new nuclear power plant that will generate an investment of $4 billion and create 800 new jobs.
“Keeping Jobs In America: Pollina Corporate Top 10 Pro-Business States” is published annually by Chicago-headquartered Pollina Corporate Real Estate, one of the nation’s leaders in providing site selection and corporate relocation services. The Pollina study evaluates and ranks states based on 28 factors including taxes, human resources, right-to-work legislation, energy costs, infrastructure spending, workers compensation legislation and jobs lost or gained. It is the most comprehensive and impartial examination of states to date.